This week looks like a big one for the cryptocurrency market, especially considering some important macroeconomic events. Throughout 2023, Fed meetings have received attention ranging from indifferent to essential. This includes important meetings, such as those during the banking crisis and some not so important meetings. However, this week’s Fed meeting is expected to be a very important one.
How will the Federal Reserve meeting affect Bitcoin?
By the end of Wednesday, we will know some important information, such as inflation information for November, the Fed interest rate decision, and the three-year forecast for Fed rates set by Fed members. This highlights member projections for three-year interest rates. November inflation will also influence the message of Federal Reserve Chairman Jerome Powell’s October speech. Current data on wages and employment activity has heightened market jitters among cautious investors. We must prepare for unexpected events that may occur in Chairman Powell’s speech, inflation outlook, interest rate outlook, etc.
The US has implemented very strict cryptocurrency KYC proposals, which could make traders in the region nervous for at least three days, lowering expectations for the ETF.
Speculation on Terra classic’s LUNC coin price
The coin, currently known as LUNC, is likely to be at risk due to the possible price fluctuations of Bitcoin. Although it has few features in its early stages, it has gained attention like other meme coins, especially after the proposal to restore the ecosystem token along with Luna and USTc after the collapse.
Lunacoin Chart
At the time this article was written, Terra Classic was already below the support price of $0.00018. The bull flag pattern on the 4-hour chart suggests that LUNC could take a leap towards US$0.00038 after the current consolidation. Nonetheless, this depends on Bitcoin exceeding $42,000 and market fears waning.
It is unlikely that there will be any major movement in Bitcoin before the end of the Federal Reserve meeting on Wednesday. If LUNC coin fails to show a positive difference, it may fall to $0.00015.
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